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Selling your home can be a headache. There’s the real estate agent to find, the open houses to hold, the bids to weigh. And then, at the very end, there’s the wait for something that may not even happen: financing.
A growing number of companies are looking to simplify and speed the process. Zillow,…
Keeping abreast of cryptocurrencies means frequently browsing and interpreting vast amounts of content from various online sources. As the crypto markets expands and matures, information overload becomes a problem. Astute traders are increasingly seeking crypto-specific tools that can distill the noisy input data into quality insights. Predicoin is one such potential solution.
Predicoin Goes Live With “Sentscore” Functionality
In August, news.Bitcoin.com previewed Predicoin, which was then in early stage development. The data analytics platform, which is now open to the public, aggregates news and social media content before extracting the sentiment using machine learning. In addition to serving up crypto news and social media content, Predicoin provides its own built-in analytics in the form of “Sentscore” (sentiment score). This functions as a general sentiment indicator for the cryptomarket, powered by algorithms that compute sentiment from five verticals:
- Amount of content and article context from crypto news sites
- Social media sentiment (currently Twitter and Reddit) and volume from crypto influencers
- Macro and micro economics/fundamentals of a coin (team, developers etc.)
- Technical indicators on a coin’s price
- Popularity and trending characteristics of a coin
Predicoin plans to use its datasets and analytics framework to derive trends between sentiment and price. “We’re still tuning our algorithms and regularly backpropagating updates to prior data,” explained Pierre-Alexandre Picard, Predicoin COO. “These metrics could change, but we’re very excited to start seeing some potential correlations on our charts. We continue to work hard on identifying patterns to provide the most accurate indicators to our users.”
Gauging Social Sentiment
Although Predicoin is still in beta, testing shows the platform to be quite efficient in some cases at accurately conveying social trends. For instance, at the height of the recent Bitcoin Cash fork, Predicoin detected a significant upward shift in volume of news and social media that mentioned BCH. While this finding isn’t surprising, seeing the data overlaid with that of BCH price action suggests the degree to which sentiment can be used to predict price.
This is best seen in the case of Ripple’s eponymous cryptocurrency. XRP’s price run-up in September, which was linked to the announcement of U.S.-based PNC Bank partnering with Ripple to conduct instantaneous cross-border payments. Predicoin identified the positive news published on XRP and shared multiple times across social media, taking its native Sentscore to an all-time high for ripple. The price followed within the next 12-24 hours, boosting XRP to over $ 0.60.
BTC’s social chart is also interesting to explore, showing sentiment falling with the bitcoin crash that occurred on Nov. 15:
The platform detected a strong downturn in the sentiment of social media the moment BTC lost around $ 100. To further improve its algorithmic predictions, Predicoin runs statistical tests on the data it amasses to develop metrics that connect price and social information. The goal is to ultimately develop a tool that traders and investors can rely on for asset research.
Predicoin’s data analytics service currently extends to 30 cryptocurrencies, enabling enthusiasts to log in and discover social patterns, check daily, weekly, and monthly scores, and access the content from which these scores are formulated. Generating profit in a bear market isn’t easy, even when armed with tools and algorithms aplenty. Given the fallibility of technical analysis, however, alternative indicators are to be welcomed, be it to bolster existing trading ideas or to give rise to new ones.
Do you think sentiment analysis can be a valuable trading indicator? Let us know in the comments section below.
Images courtesy of Shutterstock and Predicoin.
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The post Sentiment Analysis Service Predicoin Launches for Cryptocurrency Traders appeared first on Bitcoin News.
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Over the last few weeks, the Bitcoin Cash (BCH) community has been discussing how miners and nodes will handle bigger blocks in the future to encourage mass adoption. A company called Bloxroute has been coming up a lot lately, as it aims to resolve the block propagation bottleneck.
Bloxroute Claims It Offers Greater Efficiency
Bloxroute claims it can provide more efficient block propagation for blockchains. The organization has been discussed a lot in the weeks since researchers noted issues with block propagation after the BCH and BSV chains processed a few big blocks. Bloxroute says it supports any blockchain underneath the system by broadcasting block data in the exact same manner for every user in a neutral fashion.
“In particular, Bloxroute propagates blocks without knowledge of the transactions they contain, their number, and the ‘wallets’ or addresses involved. Miners are free to include arbitrary transactions in a block,” the Bloxroute whitepaper explains. “Furthermore, Bloxroute cannot infer the above characteristics even when colluding with other nodes, or by analyzing blocks’ timing and size — Bloxroute cannot favor specific nodes by providing them blocks ahead of others, and cannot prevent any node from joining the system and utilizing it.”
Noticing Block Propagation Difficulties
Big blocks have been a topic of intense discussion over the last few weeks, especially within the Bitcoin Cash community. The week before the Nov. 15 hard fork, a few sizable blocks were processed on the BCH chain, including numerous 32MB blocks. After the blockchain split, BSV miners processed a 64MB block, marking the largest onchain block ever mined on a blockchain. However, huge blocks that have been mined in the past and blocks above a certain threshold usually have issues propagating across the network. This was noticed by many observers when BMG pool mined a 23.15MB Bitcoin Cash block that took well over an hour to propagate correctly.
“It took 85 minutes to find this block and the mempool was continuously growing at a rate that seems to be close to the limit nodes can accept transactions,” observed Jochen Hoenicke, the cryptocurrency developer otherwise known as “Johoe.”
Researchers noticed these issues when the concession of 32MB blocks was mined on the BCH chain. And the 64MB block found by BSV miners also had significant issues and took an extremely long time to propagate — some believe the BSV stress test pretty much DDoSed the nascent network. Another recent post on r/BTC explains how the BSV chain is showing issues with stuck Child-Pays-for-Parent (CPFP) transactions.
Hash War Winners or ‘Bloody Socialists’?
Since these issues started appearing, Bloxroute has come up more and more in the block size debate among people like Cornell University professor Emin Gün Sirer and Nchain’s chief scientist, Craig Wright. For instance, Gün Sirer told his Twitter followers on Nov. 23 that the hash war had shown that Bloxroute is an interesting protocol.
“The big winner in the hash war was, oddly, Bloxroute Labs. Coingeek demonstrated the importance of block propagation by accidentally selfish mining themselves. Anyone building high-performance blockchains needs to pay attention to the kind of things Bloxroute focuses on,” he said.
However, Wright and supporters of BSV don’t seem to see many benefits with Bloxroute’s technology. “[Bloxroute] will never see the light of day with SV. In Bitcoin … miners vote and miners can choose to orphan blocks,” Wright recently detailed to his Twitter followers. “Basically, this is the complete opposite of everything Bitcoin is about. And it also does not work.”
In another tweet, Wright claimed that Bloxroute proponents are “bloody socialists” and if miners cannot vote they are “neutered.” He continued by stating:
It is not scaling, it is removing miners from having a say.
Whether or not people agree with Bloxroute’s business model, its success or failure will be decided by the free market. If blockchain developers find use cases with this kind of system, it could theoretically thrive or simply introduce more problems. But no one can stop Bloxroute, as it’s free to provide these types of services in a permissionless fashion.
Uri Klarman, CEO of Bloxroute Labs, responded to Gün Sirer’s statements on Nov. 25, after the BSV chain had processed some larger blocks.
“Here’s why Bloxroute Labs is the big winner of the hash war: *Any* blockchain doing large blocks needs them to quickly reach other miners. Otherwise, they will mine empty blocks based on header and forks (orphans) — BSV just showed 30MB block take 20 minutes since they lack layer 0,” Klarman said.
What do you think about the Bloxroute protocol and business model? Let us know in the comments section below.
Images via Shutterstock, Bloxroute Labs, Twitter, and Pixabay.
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The post Bloxroute Joins the Block Size Debate With New Block Propagation Service appeared first on Bitcoin News.
One of South Korea’s largest cryptocurrency exchanges, Bithumb, has begun providing a cryptocurrency payment service to a major online marketplace it refers to as “Asia’s Amazon.” Korean users can use their cryptocurrencies held at the exchange to pay for purchases on Qoo10 using this service.
Qoo10 Partners With Bithumb
South Korean cryptocurrency exchange Bithumb announced on Wednesday the launch of its “cryptocurrency payment service” for major online shopping marketplace Qoo10, which it referred to as “Asia’s Amazon.”
The two companies signed a contract in August and have been developing a payment service for Qoo10 that uses Bithumb cash.
A Bithumb representative explained to news.Bitcoin.com that for each customer:
Bithumb cash is the total asset [value] of [their] cryptocurrencies and KRW.
Bithumb started offering the “Bithumb cash payment service for Qoo10 from the 5th of this month,” the exchange wrote. This payment option is now listed on the marketplace alongside Payco, Paypal, and E-money.
The representative emphasized that currently this service is only available to Koreans, including those living overseas. Foreigners living in Korea cannot use it, the representative noted, adding that the company is working to make it available to all users.
Qoo10 operates seven localized online marketplaces in five countries, its website details. Bithumb described this marketplace as a Korean e-commerce company that is “the No. 1 shopping mall in Singapore, and has become a leader in Asian e-commerce markets such as Hong Kong, China and Indonesia.”
Crypto Conversion at Market Rates
Bithumb revealed in November last year that it was working on creating a “simple” payment system to allow its members to use their cryptocurrencies and KRW to pay for goods and services, Chosun described.
An official of the exchange explained at the time that all cryptocurrencies held in Bithumb accounts can be used. “The process of converting virtual currencies into Bithumb cash is done automatically based on current market prices,” the news outlet detailed.
The Bithumb representative confirmed to news.Bitcoin.com:
[Cryptocurrencies such as] BTC will be converted automatically into KRW at the market rate.
Users can specify which cryptocurrencies will be sold first to cover a purchase after the Korean won in the account is depleted.
Sedaily reported in April that shop owners can also choose whether to accept payments in Korean won or cryptocurrencies. However, if a shop owner chooses cryptocurrencies, the amounts at the time of withdrawals may be different from the amounts paid by customers due to price fluctuations of cryptocurrencies. “Most franchisees want to reduce the risk of price fluctuations, so they often choose to work with the won,” the publication quoted Bithumb explaining.
Last month, Singapore-based BK Global Consortium acquired a majority stake in Bithumb, as news.Bitcoin.com reported.
What do you think of Bithumb’s partnership with Qoo10? Let us know in the comments section below.
Images courtesy of Shutterstock, Bithumb, and Qoo10.
Need to calculate your bitcoin holdings? Check our tools section.
The post ‘Asia’s Amazon’ Starts Using Bithumb’s Payment Service for Cryptocurrency Users appeared first on Bitcoin News.
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